Summit Trail Advisors LLC Trims Holdings in Salesforce, Inc. (NYSE:CRM)

Summit Trail Advisors LLC lowered its holdings in Salesforce, Inc. (NYSE:CRM) by 28.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,095 shares of the CRM provider’s stock after selling 7,951 shares during the quarter. Summit Trail Advisors LLC’s holdings in Salesforce were worth $5,288,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Veracity Capital LLC acquired a new position in Salesforce during the 3rd quarter worth $214,000. Beacon Financial Advisory LLC lifted its holdings in shares of Salesforce by 15.9% in the 3rd quarter. Beacon Financial Advisory LLC now owns 1,554 shares of the CRM provider’s stock valued at $315,000 after purchasing an additional 213 shares during the last quarter. Concord Wealth Partners lifted its holdings in shares of Salesforce by 145.4% in the 3rd quarter. Concord Wealth Partners now owns 3,060 shares of the CRM provider’s stock valued at $621,000 after purchasing an additional 1,813 shares during the last quarter. Everhart Financial Group Inc. lifted its holdings in shares of Salesforce by 6.3% in the 3rd quarter. Everhart Financial Group Inc. now owns 3,600 shares of the CRM provider’s stock valued at $730,000 after purchasing an additional 212 shares during the last quarter. Finally, Hixon Zuercher LLC lifted its holdings in shares of Salesforce by 5.4% in the 3rd quarter. Hixon Zuercher LLC now owns 13,635 shares of the CRM provider’s stock valued at $2,765,000 after purchasing an additional 698 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $288.93, for a total transaction of $2,889,300.00. Following the transaction, the insider now directly owns 60,416 shares in the company, valued at $17,455,994.88. The disclosure for this sale can be found here. Insiders have sold 619,993 shares of company stock worth $181,241,324 over the last 90 days. 3.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Jefferies Financial Group boosted their target price on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $350.00 price objective (up from $325.00) on shares of Salesforce in a research note on Friday, April 12th. Stifel Nicolaus reiterated a “buy” rating and set a $350.00 target price on shares of Salesforce in a research report on Wednesday, April 3rd. Argus boosted their target price on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Finally, JPMorgan Chase & Co. boosted their target price on Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Price Performance

Salesforce stock traded up $2.23 during trading hours on Tuesday, hitting $277.86. 842,874 shares of the company traded hands, compared to its average volume of 5,496,090. The firm has a market cap of $268.97 billion, a P/E ratio of 65.63, a P/E/G ratio of 2.10 and a beta of 1.30. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $293.74 and its two-hundred day simple moving average is $267.47. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm earned $1.01 EPS. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.58%. Salesforce’s dividend payout ratio is currently 9.52%.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.